The evolution of cryptocurrency and the blockchains that power it has taken yet another step forward with the creation of NFTs or non-fungible tokens. NFTs have been in the news quite a lot lately, garnering support from some of the biggest names in art, sports, and technology. However, with NFT marketplaces come potential tax liabilities.
NFTs aren’t just for art anymore
On this episode of the Taxgirl podcast, Kelly is joined by Ben Weiss, the CEO of Coinflip — the world’s leading Bitcoin ATM operator — to talk about NFTs. Kelly and Ben discuss NFT meaning, how big brands like Nike are beginning to use NFTs, the anonymity of a blockchain, regulations and tax liabilities users could face, and the future of NFTs.
Listen to Kelly and Ben talk about NFTs:
- What is an NFT?
- How can you establish a value for an NFT?
- Mark Cuban’s role with NFTs
- Nike using the blockchain to verify authentic sneakers
- Tennis player Oleksandra Olinynykova selling her arm as an NFT
- Residual payments on NFTs
- Automated NFT marketplace tracking for taxes
- Tax considerations of using an NFT marketplace
- The anonymity of the blockchain
- The percentage of cryptocurrency tied to elicit activity
- Regulations businesses like Coinflip face
- The future of NFTs
More about Kelly:
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
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Kelly’s Website: Taxgirl